Electric/e-Bike Insurance

What is Electric Bike Insurance?

E-bikes are becoming a trend in Indian societies as people move toward sustainability. Electric bikes are pollution-free vehicles as they run on a battery that is charged using electricity, making them environmentally friendly. The way this electric bike saves the environment, an electric bike insurance saves the vehicle from unforeseen expenses. Hence, two-wheeler insurance for e-bikes and e-scooters allows you to get financial compensation for the loss and damage caused to the vehicle as well as passengers (due to the mentioned coverage reasons in the policy document).

Benefits of Purchasing Electric Bike Insurance

By purchasing an e-bike, you are already doing your bit to save the environment, but by securing it with e-bike insurance, you would be doing your bit to secure society as well. Here are some key benefits of purchasing an e-bike insurance policy.

• Financial Security: Securing your electric vehicle with an e-bike insurance plan can keep you financially secure. If your e-bike meets with an accident, it will cover the loss or damage caused to the e-bike, helping you lower your financial burden in unfortunate events.
• Enhanced Coverage: Once you purchase an insurance plan for your e-bike, there is always scope for enhancing it with add-ons. With a minimal extra addition to your policy's premium, you can get wider coverage for reasons not covered in a standard e-bike or e-scooter insurance plan.
• Fulfilling the Legal Requirement: Since it is mandatory for all bike owners to have a two-wheeler insurance plan per the Motor Vehicle Act 1988, by purchasing motor insurance for your electric vehicle, you can save yourself from hefty fines.
• Peace of Mind: Purchasing e-bike insurance not only provides you with financial coverage but also ensures peace of mind as you do not have to worry about the expenses in case of any uncertainty.

Types of Electric Bike Insurance Plans

There are three main types of EV bike insurance plans. These are as follows:

• Third-Party E-Bike Insurance Plan (covers financial & legal liabilities caused to a third party by your insured electric vehicle)
• Standalone Own-Damage E-Bike Insurance Plan (covers financial loss & damage caused to your vehicle. As a standalone policy, it does not cover third-party liabilities)
• Comprehensive E-Bike Insurance Plan (covers both third-party liability and damages caused to your own e-bike)

What is Covered Under E-Bike Insurance?

The e-bike insurance comes with a set of coverage that the insurer will compensate you for. They are as follows:

• Road Accidents: If you meet a road accident, the e-bike insurance plan will provide financial aid for the loss or damage caused to your electric vehicle.
• Replacing & Repairing Bike Parts: The insurer will provide cover for the expenses that occur in the replacement or repair of the damaged part of the e-bike.
• Theft: If your e-bike gets stolen, your insurance plan for the e-bike will provide coverage for it.
• Fire: If your bike gets damaged due to a fire accident, the insurer will provide coverage for it. In case of a total loss, the compensation will be paid per the plan norms.
• Natural Calamity: In case of damage caused to the bike during a natural calamity, such as earthquakes, typhoons, floods, etc., the insurance company will provide cover.
• Personal Accident Cover: The insurer will provide cover if you get hurt during an accident. The insurance company will pay the medical bills per the mentioned policy terms.
• Third-Party Liability: It is mandatory to get a third-party bike insurance policy. This provides coverage for the loss or damage caused to a third-party person or property in an accident by your insured electric vehicle.

What is Not Covered Under E-Bike Insurance?

As you know the coverage provided by your e-bike insurance, it is equally important to know the things your insurance plan does not cover. They are as follows:

• Own Damage for Third-party Insurance Holder: If you only own a third-party bike insurance and do not have comprehensive e-bike insurance, the insurer will not provide coverage for the damages caused to your electric vehicle.
• Drink & Drive: If you are driving the e-bike under the influence of alcohol or drugs and meet with an accident, no coverage will be provided by the insurance company.
• Driving Without License: If the insurer finds out that the driver was riding the e-bike without a valid driving license, the insurance company can refuse the claim.
• Consequential Damage: The insurer can deny a claim for the damage or loss caused to the bike that was not directly caused by a road accident or by the events specified in the policy document..
• Intentional Negligence: If your e-bike has suffered damage due to negligence on your part or improper usage, the insurer will not provide coverage for it.
• Lapse Insurance Plan: If you have not renewed your electric two-wheeler insurance plan, the insurance will not provide the cover for loss or damage caused to the e-bike.

How to Calculate E-Bike Insurance Premium?

Knowing how much premium you have to pay for your electric vehicle is vital when you decide to buy or renew EV bike insurance. To calculate the premium amount for comprehensive bike insurance for your e-bike, you can use the online bike premium calculator at Policybazaar.com. Just enter your bike registration number and details, such as bike make and model, and you will be given an accurate estimate of the premium amount.

Did you know the IRDAI has notified a 15% discount on electric vehicle premiums compared to the ICE-based two-wheelers.

Third-Party E-Bike Insurance Premium Rates

The third-party e-bike insurance premium rates are decided by the IRDAI based on the motor's kilowatt capacity.

How to Raise a Claim for Electric Bike Insurance?

One of the purposes of your electric bike insurance plan is to get a claim for any unforeseen damage or loss. In order to get a claim for an e-bike, follow the steps below.

• Inform Your Insurance Company: Inform your insurance company about the damage caused to your electric vehicle, be it in an accident or due to natural calamity or any other covered reason.
• Take Pictures: Do not move your car. Take pictures of the damage caused to your two-wheeler from all angles and keep them as proof. It will also help you get the online claim for your e-bike easily.
• Keep Documents Handy: In order to settle a claim, the insurer requires a claim form and a set of documents that you must keep handy.
• Inspection: The insurance company will send a surveyor to inspect the damage. Once they have checked the damages and are satisfied, they will create and forward their report for the claim process.
• Compensation for Damage: Once approved, you will receive the agreed claim amount for your e-bike.

How to Buy/Renew Electric Bike Insurance?

The e-bike insurance plan comes with a tenure of 1 year or 3 years. After this period, the insurance policy for electric two wheeler lapses. To continue with the policy benefits, you must renew it before its expiry. Here is how you can renew your electric bike insurance online.

• Step 1: Visit the official website of Policybazaar Insurance Brokers Pvt. Ltd.
• Step 2: Visit the e-Bike Insurance page.
• Step 3: Enter your registered electronic bike's number and click ‘View Prices.'
• Step 4: You will be displayed different e-bike insurance plans from which you can choose the most suitable one.
• Step 5: Include the add-ons, like zero depreciation cover, personal accident cover, etc., per your requirement and check the final premium price.
• Step 6: Pay the premium for e-bike insurance using UPI, credit/debit card, net banking, etc.
• Step 7: Once you make the payment, you will receive a confirmation email for your e-bike insurance renewal.

Why Purchase from Policybazaar Insurance Brokers Pvt. Ltd.?

Purchasing the e-bike insurance online from policybazaar.com allows you to have a seamless experience. You can easily compare different electric bike insurance plans simultaneously and also calculate the premium amount of your preferred plan using the online two wheeler insurance premium calculator. It also helps you save additional costs of insurance agents and requires minimal or no paperwork.